Future ownership of Jarrett Farm uncertain as public auction looms

The future ownership of Jarrett Farm along Highway 75 between Tulsa and Bartlesville is uncertain after a judge ruled the property will go to a public auction. The current owner says his mortgage unexpectedly doubled and he is now unable to pay the bills.

David Stewart took over the property in 2021 and lived on it with his wife and kids.

"This was a dream come true for us to purchase this property," he said.

Jarrett Farm has a venue for things like weddings and retreats and other buildings for overnight stays. In the years after becoming the owner, Stewart says it has been hard to find peace.

A year after closing on the sale, Stewart says he got a letter from his bank informing him that the interest rate was doubling.

"Basically, your payments are doubling," he said.

It was a shock to Stewart because he thought he had signed a fixed interest rate for three years with the bank. Some of the documents were confusing to him and he is now on the hook for paying a mortgage he cannot afford.

Stewart tried taking the bank to court, but a judge did not side with him. He owes nearly $2 million to the bank and the property will soon be up for public auction.

"I don't want it to go back to where it was before we bought it," he said. "It was dilapidated, holes in the window seals and the roof, animals living here."

Stewart says a lender assured him his rate would be the same for the three years, but now wishes he had taken a better look at the fine print before signing.

"If you have any questions about your loan paperwork, always talk to an attorney," he said.

The property is set to be auctioned on August 25th. Stewart is hopeful he can find some investors before then to prevent a sale from happening.